The European Union and specifically the Euro zone have no good or interest in banishing (getting rid) of the unified currency called “Euro”. The Euro is an important sign of the unification of the economies of 17 European countries giving them more competitive advantage in comparison to many rising and developing nations in the world as well. Second, it is a better way for them to open up their borders for transfer of goods, services, labour, and skills among them. Then, this is a manner for those countries whether advanced like Germany, France and Holland for instance or less developed (with all respect) in Europe like some countries in Southern Europe to stay protected from both inflation and recession. These are some advantages of the Euro currency, which faces some challenges now and countries adopting it are trying to resolve the problem of accumulated public debt.
They can resolve the problem by structural reforms and reducing the cost of borrowing money through getting less interest rate on new public loans. We have seen as recent examples the auctions that some European countries in the Euro Zone have made such as Spain, Greece, Italy and France getting loans and selling treasury bonds with lower interest rates. Moreover, some countries are trying to attract foreign investments and privatize some unprofitable public companies. A clear example is Greece that has had talks with many rich and developed countries in the world like Russia, USA, China, Emirates and Qatar to invest inside Greece and make many public companies successful after privatization to strengthen the national economy. All EU and most notably the Euro zone will try to reduce public debt, cut down budget deficit, enhance economic growth and get up with creative ideas. They can rationalize their expenses in usable ways to get better returns on investments.
Will the Euro currency live longer since it is relatively new and the European Union is greatly industrialized in general? We hope that the Euro currency will persist for the general benefit of the whole world in the coming future?